The following items (in millions) pertain to Chester Corporation: Chesters manufacturing costing system uses a three-part classification

The following items (in millions) pertain to Chester Corporation:

Chester’s manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs.

Required
Prepare an income statement and a supporting schedule of cost of goods manufactured. (For additional questions regarding these facts, see the nextproblem.)

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For Specific Date For Year 2014 S 6 25 Work-in-process inventory, Jan. 1, 2014 $15 Plant utilities Direct materials inventory, Dec. 31, 2014 9 Indirect manufacturing labor Finished goods inventory, Dec. 31, 2014 9 Depreciation-plant and equipment Accounts payable, Dec. 31, 2014 Accounts receivable, Jan. 1, 2014 Work-in-process inventory, Dec.31, 2014 7 Marketing, distribution, and 28 Revenues 354 57 Miscellaneous manufacturing overhead 17 91 customer-service costs Finished goods inventory,Jan 1,2014 Accounts receivable, Dec. 31, 2014 Accounts payable, Jan. 1,2014 Direct materials inventory, Jan. 1, 2014 43 30 Direct manufacturing labor 40 Plant supplies used 39 Direct materials purchased 82 41 Property taxes on plant